EURUSD Back in the Range Area. $1.17000 is the Target

by Aug 20, 2020Setups

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EURUSD Outlook

EURUSD Yesterday’s chart analysis

The EURUSD price has returned back in the range area. Break above $1.19000 and daily close was not enough to hold the price above which means bulls have lost the strength.

As you can see on the H4 time frame there are two strong bearish candles that took the price from above $1.19000 back in the range area. There were no bullish candles that would suggest some kind of resistance to the bearish run.

The bearish run was during the New York trading session and the fall down stopped at the end of the trading day.

The pullback in the range area was almost to the $1.18000 support level. Level at which the price has stopped is $1.18300 which is the level that supported the price in the last bullish run.

Daily time frame shows a strong bearish candle that engulfed two previous days’ candles. The price did not stop on the daily support level which tells me that the price will move down to find support.

EURUSD Daily Forecast 20_08_2020

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EURUSD Chart Forecast

The first support on the daily time frame is at $1.17000 level. $1.17000 level is the bottom level of the range area which was started to form at the end of July.

$1.17000 level is a confluence level of horizontal resistance and uptrend resistance line. That area will stop the price from falling further down at least for a short period of time.

If the price falls below $1.17000 level the next resistance level is at $1.16000 which is visible on the H4 time frame. $1.16000 level was a nice resistance level when the price was in the uptrend moving from $1.15000 level.

Until the price falls below and close on a daily time frame I am not bearish on this pair. For now I am not bullish because the price is inside the range area. Until the price breaks in any direction I am waiting outside of the market.

EURUSD H4 Forecast 20_08_2020

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If you want to know how much pips EURUSD moves each day in a week or how much it moves on London or New York trading session, you should check this article: EUR/USD Pip Range Analysis

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The market is not easily predictable and we need to prepare our self for bullish or bearish scenario. Risk management is crucial in Forex trading so play safe and set stop loss.

Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners.

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